by Ajay Oberoi | Bankruptcy, car financed, Car Leased, Credit Repair, Insolvency
Fighting with your financial resources is tough enough; however, deciphering what debt solutions are available to you, as well as which of your properties, if any, are protected, call for expert suggestions. A lot of people that owe cash can really feel overwhelmed. Thankfully, some organizations can use financial debt help across Canada.
One alternative, depending on your situation, is filing for personal bankruptcy or a consumer proposition. In such situations, only unsecured financial debts are usually impacted, i.e., lending not attached to certain properties. The safety and security of your protected financial debts, on the other hand, is primarily based on whether you can afford to keep making payments on them.
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Secured financial debt versus unsecured debt
Unsecured debts normally include such items as credit cards, individual loans, earnings tax obligations, etc. On the other hand, secured financial obligations are those where the financial debt is tied to an asset, such as a mortgage, real estate, a vehicle loan, or auto lease, which is safeguarded by your automobiles.
If you are leasing a car as well as you submit a customer proposition or for bankruptcy, you can technically hang on to it as long as you are continuing in making the payments. When you cannot, or you do not want to maintain the vehicle, you can do two things, voluntarily surrender the vehicle or start foreclosure.
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Your choices as well as what occurs next
Leasing a car suggests you are paying for it and will utilize it up until the lease is up. Even if you declare insolvency, as long as you depend on day on your settlements for the leased vehicle and you can pay to continue making them, you are legitimately qualified to keep it as per the terms of the lease. You should additionally keep the insurance coverage in full force.
When speaking with an accredited bankruptcy trustee who can offer financial debt assistance, it is necessary to allow him/her to learn about your automobile lease upfront. Typically, the leasing company and the loan providers would choose that you remain to make the auto settlements.
Needing insurance policy as well
Regardless of what you choose to do with the leased automobile after filing a customer proposition or insolvency, always preserve insurance coverage on the automobile till it is no longer in your belongings. If something should take place to it before you have returned it, as well as you are not insured, you will likely be called to pay. Also, without insurance, car accidents can impact your motorist’s license.
It is highly recommended that you contact an experienced company like gtacredit.com. If you have issued what so ever, feel free to call us at 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair
If you are a parent with kids, filing for bankruptcy should be transformed into a family experience. Then you will be provided with the opportunity to minimize the hassle and frustration that you will have to go through. On the other hand, you will find it a convenient task to go through the process of bankruptcy as well.
You need to follow a unique and specific approach when you are explaining bankruptcy to your children. From this article, we will let you know about the steps that should be taken when you are explaining bankruptcy for the little ones. These tips can definitely help you to convince the message to the little ones without going through any hassle or frustration.
Explaining bankruptcy to preschool children
You need to think twice before you go ahead and explain bankruptcy to children who are younger than six years. Sometimes they will not understand anything that you say. But if you want to get rid of the stress that you are going through, you can go ahead and explain what has happened.
When you are explaining bankruptcy to preschool children, you need to be as simple as possible. In other words, you will need to convey the message in a way that your preschool child is familiar with. Then you will be able to convince the message in an effective manner.
Along with bankruptcy, you and your pre-schooling children will have to go through some significant changes in their day to day lifestyles. For example, they will need to move to a new home and change schools. When you are preparing for these changes, your kids will be convinced that something big is happening. That’s where you can go ahead and explain bankruptcy to your kids. Then the kids will be able to understand what’s happening. It can keep the kids away from assuming things.
You can use examples when you are explaining bankruptcy to the preschool kids. Then you will be able to convince the message to the little ones in an efficient manner. For example, you can let your kids know that you are moving to a new home so that you will be able to save additional money to take care of the family and to purchase food that you need. Then the preschool kids will be able to understand bankruptcy according to the knowledge that they have.
Explaining bankruptcy to elementary school children
As the next thing, you need to understand how you are going to explain bankruptcy to elementary school children. Elementary school kids are less than 12 years of age. Therefore, you will need to follow a specific procedure when you are explaining bankruptcy to them as well. However, it is possible for you to provide a bit more additional knowledge than you would explain bankruptcy to the preschool children.
When you are explaining bankruptcy to the elementary school children, you need to make sure that your little ones don’t start worrying about money. That’s nothing that the elementary school students will be able to do in order to help you get out of bankruptcy. However, you will still be able to receive excellent emotional assistance from the children. Due to this reason, you need to explain the facts accordingly, so that your kids are convinced to go ahead and support you emotionally.
You should also make sure that the kids don’t go ahead and blame themselves for all the financial difficulties that you are dealing with. You can tell your kids that you are filing for bankruptcy because you will be able to save some additional money for the family expenses. Or else, you can say that you are saving money to settle some of the bills that you have. To convince the message in an effective manner, you can share a goal that is related to your kids as well. For example, you can tell that you will be able to go on a family vacation to one of the best amusement parks when you settle all your debt. This can motivate your elementary school kids to go ahead and provide the emotional assistance needed.
Teenagers
Explaining bankruptcy to teenagers can be quite tricky. That’s because the teenagers are sophisticated and they have a better understanding of how money works. In addition, they are aware of the fact of how the economy can affect them. As a result, they start worrying about your financial situation as well.
Since teenagers have a good understanding of the financial situation, you can go ahead and provide additional information about bankruptcy to them. You can even tell your teenage kids about why you went into bankruptcy. It would be an important lesson that they will be able to learn during the teenage years.
It is also possible for you to encourage your teenagers to go for a part-time job, which they can do after school. Plenty of such job opportunities are available. It is up to the teenagers to go ahead and grab those opportunities. Then they will be able to make some money after school and help you with your financial difficulties.
You shouldn’t think twice before you allow teenagers to go ahead and take responsibility when trying to help you during a difficult situation in your life. This can deliver a better feeling for your kids as well and they will feel empowered.
Now you are aware of how to explain bankruptcy to your kids. You can keep these tips in your mind and proceed accordingly. Then you will be able to create a solid foundation, which can ensure a stronger financial background for you in the long run. You should never think twice before you go for it. Any help for financial problems contact gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling
Bankruptcy is a nightmare and none of us want to end up in it. However, there are plenty of examples for individuals who survived bankruptcy and regained financial wealth. You will be able to discover a lot of famous names on that list as well. Here is a list of 5 famous individuals who filed for bankruptcy, but was able to survive it within a short period of time. If you are dealing with bankruptcy, you will be able to get inspired by these individuals.
- Abraham Lincoln
It is now possible for you to see the face of Abraham Lincoln on the penny. However, there was a time that Abraham Lincoln didn’t even have a penny on his pocket to spare. As a young man, Abraham Lincoln was engaged in a variety of occupations. While working as a shopkeeper, Abraham Lincoln wanted to start his own shop. However, it didn’t go well and he ended up with bankruptcy. In the meantime, the partner of Abraham Lincoln died and he got into bankruptcy. The bankruptcy laws that we can find out there in the world were not available those times to provide protection to him. As a result, the creditors of Abraham Lincoln took him to the courts. That’s where he lost his remaining assets, which included surveying gear and a horse. However, Abraham Lincoln didn’t want to give up. Instead, he started working hard and paying off all the debts that he owes. As a result, he was able to get rid of the debts by the 1840s. The challenges he went through this time period helped him to become the President of the United States as well.
- Walt Disney
Disney is there among the top 10 brands in today’s world. However, he was a victim of bankruptcy as well. Walt Disney started his career as a filmmaker. However, things didn’t turn out according to the way he expected. The first film company of Walt Disney was established in Kansas City back in 1922. That’s where he started making cartoons and short advertising films. He was doing well and he signed up a contract along with a New York company in order to distribute the movies that he was producing. However, this partnership didn’t turn out to be a good one. That’s because the distributor cheated on Walt Disney. In fact, Walt Disney didn’t receive cash for his work and he ended up with bankruptcy. While going through bankruptcy, he went ahead and created Mickey Mouse back in 1928. That was a milestone in his life. The cartoon character was able to earn him wealth and he was able to overcome debt and become successful again.
- Donald Trump
Donald Trump is the most powerful man in the world as of now. Therefore, you might be surprised to see his name on the list. As you already know, Donald Trump is a successful businessman. However, his companies didn’t go well and he had to file for bankruptcy six times in his life. In all those instances, Donald Trump has filed for bankruptcy personally. The first time where Donald Trump declared bankruptcy on behalf of his company was back in 1991. That’s where the Trump Taj Mahal Casino went bankrupt. After the incident, few additional hotels and casinos owned by Donald Trump went bust in on the following year. The same thing happened to him again in 2004 as well as in 2009. During all such instances of bankruptcy, Donald Trump was able to transform the existing laws of the country to his advantage. As a result, he got the opportunity to come out of bankruptcy in a convenient manner.
- 50 Cent
The world-famous rapper 50 Cent also went bankrupt back in 2015. It was a massive blow on him and he found it as a difficult task to get back on feet. At the time where 50 Cent went bankrupt, his total worth was around $155 million. In 2015, he was asked to make a payment of $5 million to the ex-girlfriend of Rick Ross, named Lastonia Leviston. That’s because Lastonia sued 50 Cent for posting a sex tape of her on the internet. He couldn’t make the entire payment at once but was making smaller contributions along with time. He was managed to pay off all the debt and settle off after a couple of years. 50 Cent was declared off from bankruptcy only after he made the full payment to Lastonia. 50 Cent is still struggling with the negative consequences that were associated with his bankruptcy. However, he is going strong and he definitely has a promising future ahead of him.
- Mike Tyson
You might never believe if I say that Mike Tyson was also a victim of bankruptcy. However, he became a victim of bankruptcy back in 2003, where he owed $23 million. This forced the legendary boxing player to go ahead and file for bankruptcy in the same year as well. Mike Tyson had an extremely successful boxing career for a period of two decades. During that time period, he was able to earn around $400 million. However, he was not able to protect the earnings for a long period of time. That’s mainly because he was forced to go for a divorce settlement of $9 million. In addition, he had to make a payment of $4 million to the British tax authorities and another $13.4 million to the IRS. Due to all these reasons, Mike Tyson was forced to declare bankruptcy. It took about one decade for the boxing player to overcome bankruptcy. However, it was not an easy journey and he even had to spend his time inside a rehab facility. However, he survived all the difficulties and now he is back in his life. Any help for financial problems contact gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management, Social Media
It is your payday and it feels so great when you get money isn’t? You can see money in your account to again buy things you need or dine out in a restaurant etc. if you are someone who loves going out and spending money after every payday then you may fall in short of money even for the essentials at the end of the month.
If you fall short of money because you do not have any savings then even your bills will be due. Now, here is how you can get rid of falling in short of money at the end of the month with simple tips.
Keep a check on your expenses
It is essential to manage your money properly and keep track of where the money is going. Just take a notepad and a pen to write down your expenses and remember all of them which also includes the hidden expenses that occur throughout the year. They can be travel expenses, gift expenses on holidays, subscriptions, and other medical expenses.
You can divide the list of expenses over twelve months which will help you find out the actual cost of your living standard. Now, you can categorize these expenses to know which ones are essential and which are not. The list will help you know the two categories that are essentials and nonessentials. This will also help you reduce your expenses on nonessentials or completely eliminate them like salon trips, coffee shop visits that you may be indulged infrequently.
Remove the unnecessary expenses
It may be the most difficult thing to do while planning a budget, but it works, and is necessary to stop spending money on unnecessary things. Once you check your inventory and list out the unnecessary expenses try to eliminate them as they cost a lot in the long run.
If you are not very keen on eliminating them completely then look for economical options like coupons or discounts, which can be used while dining out or for any entertainment activities.
Keep a track of your money
After sorting out the expenses and removing the unnecessary items, you can keep a track of the money for which you can check the bank statements, receipts, etc to check where the money is being spent the most. This will help you set a budget and follow the same. You can also use online tools that help you monitor your budget.
Some people follow the traditional pattern of keeping track of budget expenses that is by writing on a paper. This works too as long as you stick to your budget goals.
Liability is important
Taking responsibility is important. You can also let your friends remind you of your goals and keep a check on how much you spend. You can also go with a cash envelop old method. You can keep an envelope for each category that belongs to spending. You can keep some cash as per your budge in the envelope. When you end up spending the money placed in the envelope it means you have to stop spending now.
Make sure you reduce the spending every month which will automatically save money and you won’t run out of money before the end of the month.
Money for Emergency
When we discuss money to be saved for emergency it means you will have some funds for emergencies. It is the best practice and an easy way to stick to the budget and do not fall short of money before the month gets over. Make sure you save some money for emergencies but do not try to spend the money from this fun just because you end up spending more on other things like buying shoes or groceries etc. The money saved for emergencies means for emergency situations only like an unexpected visit to the hospital, car repair, etc. The emergency funds help you cover the unexpected costs without affecting your budget. In case you use your emergency funds to handle emergencies, then make sure you fill in the money taken back to the emergency fund so that you do not face problems in the future.
Do not worry or blame your income which may be less as a properly planned budget can help you deal with low income as well. A budget can help you find out if you are earning enough to pay for your basic necessities like food, bills, etc. In case you feel the income is really less do not waste time thinking about it, just upgrade or shift to a better job. Try to learn new things that will help you earn enough money to bear all your expenses. Your proactive approach can help you fulfill your goals.
Some people earn more still they are short of money before the month ends, this is because they are spending more money on unnecessary things like eating out often, buying things that you do not need or planning frequent trips that cost a lot. All these things lead to problems at the end of the month. Make sure you pay your bills on time so that you don’t have to pay extra for late payment.
Do not keep any bills pending. Once you pay your bills you will be able to evaluate how you can spend money on necessary things and save money in the end. If you think you want to buy something, start saving money to buy the product so that you don’t have to disturb your monthly paycheck to buy the product. Determine whether you need a particular thing before you place the order. It is always necessary to determine whether it is a want or a need before you make a purchase.
Make sure that you remain true to yourself and money saved is money earned so do not waste your hard-earned money to buy unnecessary things. Any help for financial problems contact gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management, Portfolio, Social Media
Some people do not get a steady income like salespeople, freelancers, or people who are self-employed. They actually face a lot of problems due to fluctuating incomes. It is a nightmare to plan a budget when you have no idea about how much you are going to earn each month. This is a serious problem for those who work on a commission basis or are self-employed.
The income they get depends entirely on their monthly sales or projects they get. Well, if you are among those who earn a fluctuating income and find it really difficult to plan a budget, then read on to find out how you can still plan a budget.
Identify the minimum amount you earn
Before you start creating a budget with fluctuating income, you need to identify the minimum amount you earn. Also, determine your minimum expenses on a monthly basis. For all those who earn a fluctuating income, plan their budget keeping in mind their expenses related to basic necessities like house mortgage or rent, groceries, utility bills, groceries, childcare, transportation, etc.
While following any budget plan it is really important to find out how much you need to make to bear your bills. But, in this case, this step won’t work as the income is not steady. To create a budget for fluctuating incomes just write down the list of essential things and monthly expenses on a paper.
Out of the expenses you have listed there are some fixed expenses like rent, mortgage, etc. Now, try to figure out the expenses that change. They can be grocery bills, traveling expenses, utility gas, etc. Also, write down debt repayments, savings, investment, etc. You may think that these bills aren’t crucial to survive still they are quite important.
Calculate monthly expenses that are optional
After you filter out the essentials then try to list all other things. While writing down the optional expenses consider the bill for cable television or any other payments you make for entertainment, hobbies, cash spent on sports, or money spent to dine out.
If you are unable to find out the approx spending on non-essentials then pull out some credit card or bank statements to check. Also, try to find out something that had overburdened your pocket in the last few months.
Create emergency fund
In case you hold some savings already then nothing like it. It is always better to have savings of money for 3-6 months. It helps especially when you have a fluctuating income.
It is always better to create an emergency fund to fight days when you don’t earn a sufficient amount or say nothing. Savings can bridge the difficulties in crucial times.
Staying on income from last month
Once you created a budget for your fluctuating income and included your unnecessary expenses then you will come to know the amount of money you need for the month without disturbing your savings. You can deposit the money you get the previous month to your savings account.
You can start putting whatever you earn in short term or long term savings whichever suits you. This helps you stay on income from last month.
Credit a salary for yourself
It is again a step ahead of how you were advised to put your money in a regular savings account in the very first month. Here you will be paying salary to yourself. You may be wondering how is that possible isn’t it? Think about times when you were working hard and earning a fluctuating income but here you will award yourself with a salary.
You can follow the budget for fluctuating incomes and eliminate optional spending which will save money for you. Now you will not end up spending more than earnings.
Pay bills depending upon the income you earned last month
The money you need for your fluctuating bills, as well as nonessentials, is there in checking account. The right budget that comprises of your expenses and bills for the month is what you have now.
Now you will start paying your bills as per the budget you created that consists of debt payments or paying savings. If you need an individual account for long term savings then go for it. You can also put some cash back to the regular savings accounts every month and see how money grows.
Mark all your bids as paid and put a zero at the end
As not all bills will be due at the start of the month, you need a proper system to keep track of your spending as the month passes.
Make sure you pay every bill right at the beginning of the month. Pay your mortgage or other bills in the second week of the month. If you are planning to spend on entertainment then make sure you do not spend more. Keep your bills marked as paid
It is not easy to plan a budget with a fluctuating income, but with a proper budget, you can accomplish the task. While you create a budget for fluctuating budgets make sure you find ways that can help you get a steady income. Also, if you succeed to earn more in between, try to save money for the days when you either earn less or absolutely nothing. Do not rely on monthly income; try to save for 3-6 months to have a stable amount in your bank that can back you for at least a month during no or less work.
If you can find income coming from more than one source, it will help you earn a stable income or constant money incoming to your account. Try not to spend on entertainment or things that are not essential. You have to go slow and figure out things that need money on a priority basis. You can create a budget plan for fluctuating income and follow it too. With little dedication and smart planning, you can achieve your goals with irregular income too. It may sound a bit difficult, but it works and with the time you will get used to it. Any help for financial problems contact gtacredit.com or call 416 650 1100
